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Lithuania

Winding up

Updated 11/2010

Legal requirements

The following are the main legal acts regulating the liquidation of legal entities:

Winding up legal entities

In accordance with the Civil Code, legal entities cease to exist by way of liquidation or reorganisation.

Reorganisation of legal entities is regulated by Articles 2.96-2.103 of the Civil Code.

Liquidation of legal entities is regulated by Articles 2.106-2.113 of the Civil Code.

Article 2.70 of the Civil Code regulates the liquidation of a legal entities at the initiative of the Manager of the Register of Legal Entities.

A legal entity ceases to exist from its removal from the Register of Legal Entity.

Winding-up of a legal entity through a court procedure is also possible.

When filing for bankruptcy is the only option left for a business owner, it pays to cut losses, initiate proceedings sooner rather than later, and move on to a new business project.

Administrative procedures

Removal from the Register

The 'Under liquidation' status of a legal entity has to be registered.

After receiving the documents, the Manager of the Register registers the legal status 'Under liquidation' of the legal entity or foreign legal entity or other organisation with a branch or representative office in Lithuania, and the data of the liquidator within 3 business days.

A liquidated legal entity is removed from the Register of Legal Entities.

The Manager of the Register removes a legal entity from the Register within 3 days of when the documents and a notification about the legal entity have been received, and no information has been received form the territorial state tax inspectorate that data in the notification previously received has changed. If the latter is the case, a legal entity can only be removed from the Register after receiving a new notification.

You will find more information on the website of the State Enterprise Centre of Registers.

Removal of registration in the social security system

All insurers must register in territorial state tax inspectorates in accordance with the procedure provided in the Law on Tax Administration.

The State Tax Inspectorate and territorial state tax inspectorates provide the State Social Insurance Fund Board and its territorial branches with information about insurers that have been registered in or removed from the register. The procedure for the provision of information is set by the State Tax Inspectorate in consultation with the Fund Board.

Removal of registration as a taxpayer

A foreign entity is removed from the Register of Taxpayers after all the tax liabilities are discharged in Lithuania.

Entities of foreign states may request to be removed from the Register of VAT Payers of Lithuania when:

they cease to engage in economic activities in Lithuania,

they start to be engaged only in such activities that do not require them to be registered as VAT payers,

after compulsory registration as VAT payers due to distance sales the value of all goods transported to Lithuania during the previous calendar year did not exceed 125,000 LTL limit and it is unlikely to exceed during the current calendar year,

after compulsory registration as VAT payers due to acquisitions of goods from another EU Member State/acquisitions of services from foreign entities, the value of acquired goods during the previous calendar year did not exceed 35,000 LTL limit and it is unlikely to exceed during the current calendar year/the entity did not acquire any services from foreign taxable entities during the previous and/or current calendar year,

more than 24 months have passed (except instances when a person assumes the status of a person under liquidation) since the day of voluntary registration as a VAT payer due to acquisitions of goods from another EU Member State and/or due to engagement in remote commerce, and the person has not acquired the mandatory status of a VAT payer.

Resources

Information about legal entities is provided on the website of the Centre of Registers:

The website of the State Tax Inspectorate contains information on legal entity liquidation procedures:

Help & advice

Help & advice

Centre of Registers Consulting Service provides information over the telephone to natural persons and legal entities about services provided by the State Enterprise Centre of Registers and about the procedures for the provision of these services, and implements the one-stop shop principle in order to answer clients' questions as comprehensively as possible.

Department of the Register of Legal Entities of the State Enterprise Centre of Registers provides information regarding legal questions and questions about registration of legal entities.

Division of Consulting and Supervision        

Tel.: (8 5) 268 8385; (8 5) 268 8384

Legal Division        

Tel.: (8 5) 268 8386; (8 5) 268 8340

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